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03-01-2007, 08:46 AM
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#1
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Recycles dryer sheets
Join Date: Apr 2006
Posts: 84
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HSA and copay insurance?
Health insurance from the company I work for uses a high deductible plan (couples pay the first $3000) and gives access to an HSA account. My wife's insurance uses copays.
Do you think it would be worthwhile for me to contribute the max to my HSA and use those funds for medical costs in retirement? We could use my wife's insurance until retirement. The alternative is to drop my insurance plan and reduce the dent on my paycheck each month.
__________________
"The one who creates does not wait for an opportunity, blaming circumstances, the fates, and the gods. He seizes opportunities or creates them with the magic wand of his will, effort, and searching discrimination"<br />-Yogananda
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Re: HSA and copay insurance?
03-01-2007, 09:01 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Re: HSA and copay insurance?
If you are covered by your wife's plan which is not an HDHP, you're not eligible for an HSA. You'd have to drop out of her plan, which may not be a good idea.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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Re: HSA and copay insurance?
03-01-2007, 02:03 PM
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#3
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Full time employment: Posting here.
Join Date: Mar 2004
Posts: 688
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Re: HSA and copay insurance?
You could use the HSA, and pay as much of your health expenses out of pocket (as much as you feel you can anyway), and leave the HSA dollars alone to grow until retirement, when you no longer have a regular paycheck.
__________________
Diggin' my way to financial freedom, one buck-at-a-time
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Re: HSA and copay insurance?
03-01-2007, 02:44 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Re: HSA and copay insurance?
Quote:
Originally Posted by bow-tie
You could use the HSA, and pay as much of your health expenses out of pocket (as much as you feel you can anyway), and leave the HSA dollars alone to grow until retirement, when you no longer have a regular paycheck.
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Only if he's not on his wife's health plan (assuming his wife's plan isn't an HSA-eligible HDHP).
If he is covered under her plan, and her plan is not HSA-eligible, then he can NOT open up an HSA (or contribute additional dollars to a previously existing HSA). He would have to terminate coverage under her plan and get the coverage under his own plan.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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Re: HSA and copay insurance?
03-01-2007, 04:04 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
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Re: HSA and copay insurance?
Better yet....if your wife has reasonably good health, what about putting BOTH of you on your company's healthcare plan? Given recent legislation, I believe you are allowed to have your $3,000 deductible, yet contribute $5,650/year (also, there may be a catch-up provision for the over-50 crowd....but, as with all figures in this post, check for yourself first ).
__________________
Dryer sheets Schmyer sheets
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Re: HSA and copay insurance?
03-01-2007, 04:31 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,012
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Re: HSA and copay insurance?
Quote:
Originally Posted by MooreBonds
(also, there may be a catch-up provision for the over-50 crowd....but, as with all figures in this post, check for yourself first ).
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The catch-up provision is for those over 55.
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Re: HSA and copay insurance?
03-02-2007, 07:59 PM
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#7
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Recycles dryer sheets
Join Date: Apr 2006
Posts: 84
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Re: HSA and copay insurance?
Thank you everyone.
We are still trying to decide what is the best course to take given the information you provided here.
Thanks again.
__________________
"The one who creates does not wait for an opportunity, blaming circumstances, the fates, and the gods. He seizes opportunities or creates them with the magic wand of his will, effort, and searching discrimination"<br />-Yogananda
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